Treasure Hunting

By: Amy Bean Napier

In Florida, as in most states, the state holds and tracks unclaimed property for both individuals and businesses, including associations.  In addition to money and securities, unclaimed property includes tangible property such as watches, jewelry, coins, currency, stamps, historical items and other miscellaneous articles from abandoned safe deposit boxes.  Based on specific state law, this unclaimed property is held until it’s claimed by its legal and rightful owner.

Recently one of the associations that I work with received a letter from an attorney’s office stating that the State of Florida was in ownership of an uncashed check for $250 from 2004.  And for only $50, they would claim the funds on our behalf and send us the leftover $200.  States regulate the percentage that these types of companies can charge for these services. In Florida it’s 20% or up to a maximum of $1,000 per account but these limits may be exceeded if the contract you sign contains a full disclosure statement.

Instead of losing $50 and letting that locater company have all the fun, I decided to claim the funds on the behalf of the association.  Ahoy matey, let’s go on a treasure hunt! Continue reading “Treasure Hunting”